Gross banks’ assets hit Dhs4,378b by August-end: UAE Central Bank

The Central Bank of the UAE (CBUAE) announced that gross banks’ assets, including bankers’ acceptances, increased by 0.7 per cent from Dhs4,348.6 billion at the end of July 2024 to Dhs4,378.0 billion at the end of August 2024.

In its Monetary and Banking Developments for August 2024, the Central Bank said that gross credit increased by 0.5 per cent from Dhs2,102.1 billion at the end of July 2024 to Dhs2,112.9 billion at the end of August 2024.

Gross credit increased due to increases in domestic credit by 0.5 per cent and foreign credit by 0.8 per cent.

Domestic credit expansion was primarily due to increase in credit to the private sector by 0.8 per cent, overriding the reductions in credit to the public sector (government related entities) by 0.3per cent and the non-banking financial institutions by 3.0 per cent. Credit to the government sector remained constant during August 2024.

Banks’ deposits increased by 0.2 per cent, from Dhs2,736.0 billion at the end of July 2024 to Dhs2,740.5 billion at the end of August 2024.

The growth in total bank deposits was the result of the rise in resident deposits by 0.8per cent, overshadowing the decrease in the non-resident deposits by 6.4 per cent.

Resident deposits grew as a result of increases in; government sector deposits by 2.6 per cent, in private sector deposits by 1.2 per cent and in non-banking financial institutions deposits by 4.2 per cent, overriding the decrease in government related entities deposits by 5.9 per cent.

The Central Bank announced that the money supply aggregate M1 decreased by 0.1per cent, from Dhs889.3 billion at the end of July 2024 toDhs888.0 billion at the end of August 2024. This reduction was mainly due toDhs0.9 billion fall in currency in circulation outside banks andDhs0.4 billion decrease in monetary deposits.

The money supply aggregate M2 increased by 0.2per cent, rising from Dhs2,205.9 billion at the end of July 2024 to Dhs2,211.1 billion at the end of August 2024. M2 increased because ofDhs6.5 billion growth in Quasi-Monetary Deposits, overriding the fall in M1.

The money supply aggregate M3 also increased by 0.8per cent, fromDhs2,676.0 billion at the end of July 2024 toDhs2,696.3 billion at the end of August 2024. M3 expanded due to the growth in M2 andDhs15.1 billion increase in government deposits.

The monetary base expanded by 2.3 per cent, from Dhs718.1 billion at the end of July 2024 to Dhs734.9 billion at the end of August 2024.

The growth in the monetary base was driven by increases in; currency issued by 0.6per cent, reserve account by 6.2 per cent and monetary bills & Islamic certificates of deposit by per cent6.1, overriding the reduction in banks & OFCs’ current accounts & overnight deposits of banks at CBUAE by 10.2per cent.

Dubai Chambers, HSBC to support expansion: Dubai Chambers has signed a Memorandum of Understanding (MoU) with HSBC Bank Middle East Limited to support the expansion of local companies into global markets and enhance the ability of international companies to establish and grow their businesses in Dubai.

Under the terms of the MoU, the two parties will collaborate to explore banking services for international companies establishing their operations in Dubai with the support of Dubai Chambers, as well as general services for Dubai’s business community.

The agreement is designed to advance the growth of local and international companies operating in Dubai and support their expansion at the local, regional, and global levels.

HSBC will provide services including global trade finance and local account opening.

Meanwhile, Dubai Chambers will support HSBC’s global clients who are interested in investing in Dubai and growing their businesses from the emirate.

The MoU was signed as part of the Global Partnerships Programme, an initiative launched to accelerate Dubai Chambers’ business expansion and attraction efforts through collaborations with world-class service providers across eight trade categories.

The Global Partnership Programme supports the objectives of the ‘Dubai Global’ initiative, which seeks to attract foreign direct investments (FDI) to the emirate and support Dubai-based companies in exploring new business opportunities.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated, “Dubai Chambers is committed to supporting local companies in expanding into promising international markets and helping businesses grow their operations. This collaboration will contribute to enhancing our efforts to accelerate the growth of companies across diverse sectors and attract global investments to Dubai.”

Stephen Moss, Chief Executive Officer, HSBC Middle East, North Africa and Türkiye, commented, “Dubai has grown to become one of the world’s busiest business and wealth hubs and the power of its international connectivity is reflected in the increasing trade activity across traditional and emerging trade corridors, in particular with Asia. Combining HSBC’s global reach with Dubai Chambers’ local expertise will further accelerate the growth of companies entering in and growing from Dubai.”

WAM

The Central Bank of the UAE (CBUAE) announced that gross banks’ assets, including bankers’ acceptances, increased by 0.7 per cent from Dhs4,348.6 billion at the end of July 2024 to Dhs4,378.0 billion at the end of August 2024.

In its Monetary and Banking Developments for August 2024, the Central Bank said that gross credit increased by 0.5 per cent from Dhs2,102.1 billion at the end of July 2024 to Dhs2,112.9 billion at the end of August 2024.

Gross credit increased due to increases in domestic credit by 0.5 per cent and foreign credit by 0.8 per cent.

Domestic credit expansion was primarily due to increase in credit to the private sector by 0.8 per cent, overriding the reductions in credit to the public sector (government related entities) by 0.3per cent and the non-banking financial institutions by 3.0 per cent. Credit to the government sector remained constant during August 2024.

Banks’ deposits increased by 0.2 per cent, from Dhs2,736.0 billion at the end of July 2024 to Dhs2,740.5 billion at the end of August 2024.

The growth in total bank deposits was the result of the rise in resident deposits by 0.8per cent, overshadowing the decrease in the non-resident deposits by 6.4 per cent.

Resident deposits grew as a result of increases in; government sector deposits by 2.6 per cent, in private sector deposits by 1.2 per cent and in non-banking financial institutions deposits by 4.2 per cent, overriding the decrease in government related entities deposits by 5.9 per cent.

The Central Bank announced that the money supply aggregate M1 decreased by 0.1per cent, from Dhs889.3 billion at the end of July 2024 toDhs888.0 billion at the end of August 2024. This reduction was mainly due toDhs0.9 billion fall in currency in circulation outside banks andDhs0.4 billion decrease in monetary deposits.

The money supply aggregate M2 increased by 0.2per cent, rising from Dhs2,205.9 billion at the end of July 2024 to Dhs2,211.1 billion at the end of August 2024. M2 increased because ofDhs6.5 billion growth in Quasi-Monetary Deposits, overriding the fall in M1.

The money supply aggregate M3 also increased by 0.8per cent, fromDhs2,676.0 billion at the end of July 2024 toDhs2,696.3 billion at the end of August 2024. M3 expanded due to the growth in M2 andDhs15.1 billion increase in government deposits.

The monetary base expanded by 2.3 per cent, from Dhs718.1 billion at the end of July 2024 to Dhs734.9 billion at the end of August 2024.

The growth in the monetary base was driven by increases in; currency issued by 0.6per cent, reserve account by 6.2 per cent and monetary bills & Islamic certificates of deposit by per cent6.1, overriding the reduction in banks & OFCs’ current accounts & overnight deposits of banks at CBUAE by 10.2per cent.

Dubai Chambers, HSBC to support expansion: Dubai Chambers has signed a Memorandum of Understanding (MoU) with HSBC Bank Middle East Limited to support the expansion of local companies into global markets and enhance the ability of international companies to establish and grow their businesses in Dubai.

Under the terms of the MoU, the two parties will collaborate to explore banking services for international companies establishing their operations in Dubai with the support of Dubai Chambers, as well as general services for Dubai’s business community.

The agreement is designed to advance the growth of local and international companies operating in Dubai and support their expansion at the local, regional, and global levels.

HSBC will provide services including global trade finance and local account opening.

Meanwhile, Dubai Chambers will support HSBC’s global clients who are interested in investing in Dubai and growing their businesses from the emirate.

The MoU was signed as part of the Global Partnerships Programme, an initiative launched to accelerate Dubai Chambers’ business expansion and attraction efforts through collaborations with world-class service providers across eight trade categories.

The Global Partnership Programme supports the objectives of the ‘Dubai Global’ initiative, which seeks to attract foreign direct investments (FDI) to the emirate and support Dubai-based companies in exploring new business opportunities.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated, “Dubai Chambers is committed to supporting local companies in expanding into promising international markets and helping businesses grow their operations. This collaboration will contribute to enhancing our efforts to accelerate the growth of companies across diverse sectors and attract global investments to Dubai.”

Stephen Moss, Chief Executive Officer, HSBC Middle East, North Africa and Türkiye, commented, “Dubai has grown to become one of the world’s busiest business and wealth hubs and the power of its international connectivity is reflected in the increasing trade activity across traditional and emerging trade corridors, in particular with Asia. Combining HSBC’s global reach with Dubai Chambers’ local expertise will further accelerate the growth of companies entering in and growing from Dubai.”

WAM